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Lumine Group Inc. Announces Results for the Three and Nine Months Ended September 30, 2023

Lumine Group
Lumine Group

TORONTO, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Lumine Group Inc. (“Lumine Group” or “the Company”) announces financial results for the three and nine months ended September 30, 2023. All amounts referred to in this press release are in US dollars unless otherwise stated.

The following press release should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2023, management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2023, the audited consolidated financial statements of Lumine Group (Holdings) Inc. (“Lumine Holdings”) for the year ended December 31, 2022, and the Company’s MD&A for the year ended December 31, 2022, all of which can be found on SEDAR+ at www.sedarplus.ca. Additional information about Lumine Group is also available on SEDAR+ and on Lumine Group’s website www.luminegroup.com.

Q3 2023 Headlines:

  • Revenue grew 99% to $131.3 million compared to $66.0 million in the same quarter prior year (including 4% organic growth after adjusting for foreign exchange impacts).

  • The Company generated operating income of $45.1 million during the quarter, a 107% increase from $21.8 million in the same quarter prior year.

  • An expense of $194.8 million was incurred in the quarter related primarily to the increase in fair value of the redeemable preferred and special securities, of which, $174.6 million is related to the convertible shares and $20.2 million is related to the dividend payable. Fair value of the preferred and special securities is primarily dependent on the price movement of the Company’s subordinate voting shares.

  • The Company generated a net loss of $179.0 million during the quarter, from net income of $11.8 million in the same quarter prior year. The net loss is primarily related to the redeemable preferred and special securities expense.

  • Cash flows from operations (“CFO”) increased $32.4 million to $44.5 million compared to $12.1 million in Q3 2022, representing an increase of 269%.

  • Free cash flow available to shareholders (“FCFA2S”) increased $28.3 million to $39.6 million compared to $11.3 million in Q3 2022, representing an increase of 251%.

Year-to-Date Q3 2023 Headlines:

  • Revenue grew 90% to $356.6 million compared to $187.5 million in the same nine-month period prior year (including 2% organic growth after adjusting for foreign exchange impacts).

  • The Company generated operating income of $103.1 million in the nine-month period ended September 30, 2023, an increase of 82% from $56.7 million in the same period prior year.

  • An expense of $1,346.0 million was incurred in the nine-month period ended September 30, 2023 related to the increase in fair value of the redeemable preferred and special securities, of which, $1,297.7 million is related to the convertible shares and $48.3 million is related to the dividend payable. Fair value of the preferred and special securities is primarily dependent on the price movement of the Company’s subordinate voting shares.

  • The Company generated a net loss of $1,320.2 million during the nine-month period ended September 30, 2023, from net income of $28.5 million in the same period prior year. The net loss is primarily related to the redeemable preferred and special securities expense.

  • CFO increased $56.9 million to $81.9 million compared to $25.0 million in the nine-month period ended September 30, 2022, representing an increase of 227%.

  • FCFA2S increased $46.0 million to $68.6 million compared to $22.6 million in the nine-month period ended September 30, 2022, representing an increase of 203%.

Total revenue for the three months ended September 30, 2023 was $131.3 million, an increase of 99%, or $65.3 million, compared to $66.0 million for the comparable period in 2022. For the nine months ended September 30, 2023, total revenue was $356.6 million, an increase of 90%, or $169.1 million, compared to $187.5 million for the comparable period in 2022. The increase for the three and nine month periods is primarily attributable to growth from acquisitions. The Company experienced organic growth of 6% and 1% for the three months and nine months ended September 30, 2023, respectively, or 4% and 2%, respectively, after adjusting for foreign exchange impacts. For acquired companies, organic growth is calculated as the difference between actual revenues achieved by each business in the financial period following acquisition, compared to the estimated revenues they achieved in the corresponding financial period preceding the date of acquisition by the Company. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

Operating income for the three months ended September 30, 2023 was $45.1 million, an increase of 107%, or $23.3 million, compared to $21.8 million for the same period in 2022. Operating income for the nine months ended September 30, 2023 was $103.1 million, an increase of 82%, or $46.4 million, compared to $56.7 million for the same period in 2022. The increase for the three and nine month periods is primarily attributable to growth from acquisitions. Operating income is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. See “Non-IFRS Measures”.

Net loss for the three months ended September 30, 2023 was $179.0 million compared to net income of $11.8 million for the same period in 2022. Net loss for the nine months ended September 30, 2023 was $1,320.2 million compared to net income of $28.5 million for the same period in 2022. The decrease in net income for the three and nine month periods is primarily attributable to an expense of $194.8 million for the three months ended September 30, 2023 and $1,346.0 million for the nine months ended September 30, 2023 related to fair value adjustments and accrued dividends on the redeemable preferred and special securities issued in relation to the acquisition of WideOrbit and public listing of Lumine Group.

For the three months ended September 30, 2023, CFO increased $32.4 million to $44.5 million compared to $12.1 million for the same period in 2022 representing an increase of 269%. For the nine months ended September 30, 2023, CFO increased $56.9 million to $81.9 million compared to $25.0 million for the same period in 2022 representing an increase of 227%. The primary reason for the increase is that CFO includes the impact of changes in non-cash operating assets and liabilities exclusive of effects of business combinations or, changes in non-cash operating working capital (“NCOWC”) which improved during the nine months ended September 30, 2023 compared to the same period prior year.

For the three months ended September 30, 2023, FCFA2S increased $28.3 million, or 251%, to $39.6 million compared to $11.3 million for the same period in 2022. For the nine months ended September 30, 2023, FCFA2S increased $46.0 million, or 203%, to $68.6 million compared to $22.6 million for the same period in 2022. The increase is primarily a result of higher CFO during the period. FCFA2S is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. See “Non-IFRS Measures”.

Non-IFRS Measures

Operating income (loss) refers to income (loss) before income taxes, amortization of intangible assets, redeemable Preferred and Special Share expense, and finance and other expenses (income). We believe that operating income is useful supplemental information as it provides an indication of the profitability of the Company related to its core operations. Operating income (loss) is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that operating income (loss) should not be construed as an alternative to net income (loss).

The following table reconciles operating income to net income:

 

Three months ended
September 30,

Nine months ended
September 30,

 

2023

 

2022

 

2023

 

2022

 

Net income (loss)

(179.0

)

11.8

 

(1,320.2

)

28.5

 

Adjusted for:

 

 

 

 

Amortization of intangible assets

21.7

 

8.5

 

58.4

 

22.5

 

Redeemable preferred and special securities expense

194.8

 

-

 

1,346.0

 

-

 

Finance and other expense (income)

3.7

 

(0.2

)

10.0

 

(1.2

)

Income tax expense (recovery)

3.9

 

1.8

 

9.0

 

6.9

 

Operating income (loss)

45.1

 

21.8

 

103.1

 

56.7

 


Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on bank debt, transaction costs on bank debt, repayments of lease obligations, dividends paid to redeemable preferred and special securities holders, and property and equipment purchased. The Company believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Lumine Group does not make any acquisitions, or investments, and does not repay any debts. While the Company could use the FCFA2S to pay dividends or repurchase shares, the Company’s objective is to invest all of its FCFA2S in acquisitions which meet the Company’s hurdle rate.

FCFA2S is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.

The following table reconciles FCFA2S to net cash flows from operating activities:

 

Three months ended September 30,

Nine months ended September 30,

 

2023

 

2022

 

2023

 

2022

 

Net cash flows from operating activities:

44.5

 

12.1

 

81.9

 

25.0

 

Adjusted for:

 

 

 

 

Interest paid on lease obligations

(0.2

)

(0.1

)

(0.5

)

(0.1

)

Interest paid on other facilities

(2.8

)

-

 

(6.4

)

-

 

Credit facility transaction costs

0.0

 

-

 

(1.8

)

-

 

Payment of lease obligations

(1.4

)

(0.6

)

(3.8

)

(2.0

)

Dividends paid

(0.0

)

-

 

(0.0

)

-

 

Property and equipment purchased

(0.4

)

(0.1

)

(0.8

)

(0.3

)

Free cash flow available to shareholders

39.6

 

11.3

 

68.6

 

22.6

 


Forward Looking Statements

Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lumine Group or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Lumine Group assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

About Lumine Group Inc.

Lumine Group acquires, strengthens, and grows, vertical market software businesses in the communications and media industry. Learn more at www.luminegroup.com.

For further information:

David Nyland
Chief Executive Officer
Lumine Group
david.nyland@luminegroup.com


Condensed Consolidated Interim Statements of Financial Position

(In thousands of USD. Due to rounding, numbers presented may not foot.)

 

Unaudited

 

September 30, 2023

 

December 31, 2022

 

 

 

Adjusted

 

Assets

 

 

 

 

 

Current assets:

 

 

Cash

$

141,145

 

$

67,085

 

Accounts receivable

 

80,177

 

 

63,923

 

Unbilled revenue

 

31,479

 

 

9,797

 

Inventories

 

476

 

 

60

 

Other assets

 

28,979

 

 

23,325

 

 

 

282,256

 

 

164,190

 

 

 

 

Non-current assets:

 

 

Property and equipment

 

4,411

 

 

3,115

 

Right of use assets

 

12,828

 

 

5,349

 

Deferred income taxes

 

3,233

 

 

2,931

 

Other assets

 

14,859

 

 

8,492

 

Intangible assets and goodwill

 

752,966

 

 

209,483

 

 

 

788,297

 

 

229,370

 

 

 

 

Total assets

$

1,070,553

 

$

393,560

 

 

 

 

Liabilities and Equity

 

 

Current liabilities:

 

 

 

 

 

Accounts payable and accrued liabilities

$

78,719

 

$

64,779

 

Due to related parties, net

 

1,138

 

 

35,466

 

Current portion of bank debt

 

653

 

 

975

 

Deferred revenue

 

73,928

 

 

61,979

 

Provisions

 

914

 

 

22

 

Acquisition holdback payables

 

734

 

 

1,769

 

Lease obligations

 

5,996

 

 

2,069

 

Income taxes payable

 

19,878

 

 

12,217

 

Preferred and Special Securities

 

2,945,019

 

 

-

 

 

 

3,126,979

 

 

179,276

 

 

 

 

Non-current liabilities:

 

 

Deferred income taxes

 

130,427

 

 

30,579

 

Bank debt

 

141,068

 

 

18,138

 

Lease obligations

 

8,167

 

 

4,719

 

Other liabilities

 

8,544

 

 

7,068

 

 

 

288,206

 

 

60,504

 

 

 

 

Total liabilities

 

3,415,185

 

 

239,780

 

 

 

 

Equity:

 

 

Capital stock

 

-

 

 

-

 

Contributed surplus

 

(1,015,661

)

 

162,692

 

Accumulated other comprehensive income (loss)

 

(13,880

)

 

(8,912

)

Retained earnings (deficit)

 

(1,315,091

)

 

-

 

 

 

(2,344,632

)

 

153,780

 

 

 

 

Subsequent events

 

 

 

 

 

Total liabilities and equity

$

1,070,553

 

$

393,560

 


Condensed Consolidated Interim Statements of Income (Loss)

(In thousands of USD, except per share amounts. Due to rounding, numbers presented may not foot.)

 

Unaudited

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Adjusted

 

 

 

 

Adjusted

 

Revenue

 

 

 

 

License

$

11,247

 

$

8,874

 

$

32,990

 

$

27,282

 

Professional services

 

23,061

 

 

12,901

 

 

63,328

 

 

37,723

 

Hardware and other

 

5,651

 

 

1,851

 

 

14,987

 

 

5,605

 

Maintenance and other recurring

 

91,342

 

 

42,403

 

 

245,262

 

 

116,852

 

 

 

131,301

 

 

66,029

 

 

356,567

 

 

187,462

 

Expenses

 

 

 

 

Staff

 

61,871

 

 

34,917

 

 

181,775

 

 

97,938

 

Hardware

 

3,374

 

 

1,298

 

 

9,825

 

 

3,395

 

Third party license, maintenance and professional services

 

7,783

 

 

2,793

 

 

20,568

 

 

8,138

 

Occupancy

 

1,064

 

 

863

 

 

2,630

 

 

1,720

 

Travel, telecommunications, supplies, software and equipment

 

5,218

 

 

3,361

 

 

15,104

 

 

8,197

 

Professional fees

 

2,060

 

 

2,154

 

 

12,292

 

 

6,006

 

Other, net

 

2,756

 

 

(3,012

)

 

5,445

 

 

1,172

 

Depreciation

 

2,120

 

 

1,855

 

 

5,825

 

 

4,165

 

Amortization of intangible assets

 

21,662

 

 

8,480

 

 

58,371

 

 

22,543

 

 

 

107,908

 

 

52,709

 

 

311,835

 

 

153,274

 

 

 

 

 

 

Redeemable Preferred and Special Securities expense

 

194,817

 

 

-

 

 

1,346,020

 

 

-

 

Finance and other expenses (income)

 

3,703

 

 

(210

)

 

9,960

 

 

(1,244

)

 

 

198,520

 

 

(210

)

 

1,355,980

 

 

(1,244

)

 

 

 

 

 

Income (loss) before income taxes

 

(175,127

)

 

13,530

 

 

(1,311,248

)

 

35,432

 

 

 

 

 

 

Current income tax expense (recovery)

 

12,651

 

 

1,927

 

 

30,813

 

 

13,630

 

Deferred income tax expense (recovery)

 

(8,734

)

 

(168

)

 

(21,859

)

 

(6,683

)

Income tax expense (recovery)

 

3,917

 

 

1,759

 

 

8,954

 

 

6,947

 

 

 

 

 

 

Net income (loss)

$

(179,044

)

$

11,771

 

$

(1,320,202

)

$

28,485

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

Basic

 

74,040,058

 

N/A

 

 

71,967,707

 

N/A

 

Diluted

 

253,104,970

 

N/A

 

 

242,370,504

 

N/A

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic and diluted

$

(2.42

)

N/A

 

$

(18.34

)

N/A

 

 

 

 

 

 


Condensed Consolidated Interim Statements of Comprehensive Income (Loss)

(In thousands of USD. Due to rounding, numbers presented may not foot.)

 

Unaudited

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Adjusted

 

 

 

 

Adjusted

 

Net income (loss)

$

(179,044

)

$

11,771

 

$

(1,320,202

)

$

28,485

 

 

 

 

 

 

Items that are or may be reclassified subsequently to net income (loss):

 

 

 

 

 

 

 

 

 

Foreign currency translation differences from foreign operations and other

 

(4,657

)

 

(10,338

)

 

(4,968

)

 

(22,581

)

 

 

 

 

 

Other comprehensive (loss) income for the year, net of income tax

 

(4,657

)

 

(10,338

)

 

(4,968

)

 

(22,581

)

 

 

 

 

 

Total comprehensive income (loss) for the year

$

(183,701

)

$

1,433

 

$

(1,325,170

)

$

5,904

 


Condensed Consolidated Interim Statement of Changes in Equity

(In thousands of USD. Due to rounding, numbers presented may not foot.)

 

Unaudited

Nine months ended September 30, 2023

 

 

 

 

 

 

Capital stock

Contributed
surplus

Accumulated other
comprehensive
(loss) income

Retained
earnings
(deficit)

Total equity

 

 

 

 

 

 

Balance at January 1, 2023

$

-

 

$

162,692

 

$

(8,912

)

$

-

 

$

153,780

 

 

 

 

 

 

 

Total comprehensive income (loss) for the year:

 

 

 

 

 

Net income (loss)

 

-

 

 

-

 

 

-

 

 

(1,320,202

)

 

(1,320,202

)

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

Foreign currency translation differences from foreign operations and other

 

-

 

 

-

 

 

(4,968

)

 

-

 

 

(4,968

)

 

 

 

 

 

 

Total other comprehensive income (loss) for the year

 

-

 

 

-

 

 

(4,968

)

 

(1,320,202

)

 

(1,325,170

)

 

 

 

 

 

 

Total comprehensive income (loss) for the year

 

-

 

 

-

 

 

(4,968

)

 

(1,320,202

)

 

(1,325,170

)

 

 

 

 

 

 

Transaction with Parent, recorded directly in equity

 

 

 

 

 

Capital contributions by Parent

 

-

 

 

22,451

 

 

-

 

 

-

 

 

22,451

 

Amalgamation with Lumine Group (Holdings) Inc.

 

-

 

 

(1,200,804

)

 

-

 

 

-

 

 

(1,200,804

)

Special Share conversion

 

-

 

 

-

 

 

-

 

 

5,110

 

 

5,110

 

 

 

 

 

 

 

Balance at September 30, 2023

$

-

 

$

(1,015,661

)

$

(13,880

)

$

(1,315,092

)

$

(2,344,633

)


Condensed Consolidated Interim Statement of Changes in Equity

(In thousands of USD. Due to rounding, numbers presented may not foot.)

 

Unaudited and adjusted

Nine months ended September 30, 2022

 

 

 

 

 

 

 

Capital stock

Contributed
surplus

Accumulated
other
comprehensive
(loss) income

Retained
earnings
(deficit)

Net parent
investment

Total equity

 

 

 

 

 

 

 

Balance at January 1, 2022

$

-

 

$

-

 

$

3,229

 

$

-

 

$

169,920

 

$

173,149

 

 

 

 

 

 

 

 

Total comprehensive income (loss) for the year:

 

 

 

 

 

 

Net income (loss)

 

-

 

 

-

 

 

-

 

 

-

 

 

28,485

 

 

28,485

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation differences from foreign operations and other

 

-

 

 

-

 

 

(22,581

)

 

-

 

 

-

 

 

(22,581

)

 

 

 

 

 

 

 

Total other comprehensive income (loss) for the year

 

-

 

 

-

 

 

(22,581

)

 

-

 

 

28,485

 

 

5,904

 

 

 

 

 

 

 

 

Total comprehensive income (loss) for the year

 

-

 

 

-

 

 

(22,581

)

 

-

 

 

28,485

 

 

5,904

 

 

 

 

 

 

 

 

Transactions with Parent, recorded directly in equity

 

 

 

 

 

 

Capital contributions

 

-

 

 

-

 

 

-

 

 

-

 

 

31,600

 

 

31,600

 

Dividends to Parent

 

-

 

 

-

 

 

-

 

 

-

 

 

(44,781

)

 

(44,781

)

 

 

 

 

 

 

 

Balance at September 30, 2022

$

-

 

$

-

 

$

(19,352

)

$

-

 

$

185,224

 

$

165,873

 


Condensed Consolidated Interim Statements of Cash Flows

(In thousands of USD. Due to rounding, numbers presented may not foot.)

 

Unaudited

 

Three months ended September 30,

Nine months ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Adjusted

 

 

 

 

Adjusted

 

Cash flows from (used in) operating activities:

 

 

 

 

Net income (loss)

$

(179,044

)

$

11,771

 

$

(1,320,202

)

$

28,485

 

Adjustments for:

 

 

 

 

Depreciation

 

2,120

 

 

1,855

 

 

5,825

 

 

4,165

 

Amortization of intangible assets

 

21,662

 

 

8,480

 

 

58,371

 

 

22,543

 

Contingent consideration adjustments

 

58

 

 

(4,612

)

 

(2,420

)

 

(3,187

)

Preferred and Special Securities expense (income)

 

194,817

 

 

-

 

 

1,346,020

 

 

-

 

Finance and other expenses (income)

 

3,703

 

 

(210

)

 

9,960

 

 

(1,244

)

Income tax expense (recovery)

 

3,917

 

 

1,759

 

 

8,954

 

 

6,947

 

Change in non-cash operating assets and liabilities exclusive of effects of business combinations

 

5,825

 

 

(5,167

)

 

(4,563

)

 

(28,422

)

Income taxes (paid) received

 

(8,565

)

 

(1,811

)

 

(20,077

)

 

(4,270

)

Net cash flows from (used in) operating activities

 

44,494

 

 

12,065

 

 

81,868

 

 

25,017

 

 

 

 

 

 

Cash flows from (used in) financing activities:

 

 

 

 

Interest paid on lease obligations

 

(205

)

 

(56

)

 

(464

)

 

(121

)

Interest paid on bank debt

 

(2,823

)

 

-

 

 

(6,414

)

 

-

 

Cash transferred from (to) Parent

 

(2,121

)

 

(3,290

)

 

(13,957

)

 

66,835

 

Proceeds from issuance of bank debt

 

-

 

 

-

 

 

175,000

 

 

-

 

Repayments of bank debt

 

(50,244

)

 

-

 

 

(50,897

)

 

-

 

Transaction costs on bank debt

 

-

 

 

-

 

 

(1,771

)

 

-

 

Payments of lease obligations

 

(1,419

)

 

(640

)

 

(3,784

)

 

(2,003

)

Issuance of Preferred Shares to Parent

 

-

 

 

-

 

 

181,484

 

 

-

 

Dividends paid

 

(12

)

 

-

 

 

(24

)

 

-

 

Net cash flows from (used in) in financing activities

 

(56,823

)

 

(3,987

)

 

279,173

 

 

64,711

 

 

 

 

 

 

Cash flows from (used in) investing activities:

 

 

 

 

Acquisition of businesses

 

-

 

 

-

 

 

(314,760

)

 

(79,845

)

Cash obtained with acquired businesses

 

-

 

 

-

 

 

33,965

 

 

2,871

 

Post-acquisition settlement payments, net of receipts

 

(264

)

 

(764

)

 

(2,933

)

 

(3,728

)

Property and equipment purchased

 

(408

)

 

(68

)

 

(829

)

 

(292

)

Other investing activities

 

72

 

 

-

 

 

(584

)

 

-

 

Net cash flows from (used in) investing activities

 

(600

)

 

(832

)

 

(285,142

)

 

(80,995

)

 

 

 

 

 

 

 

 

 

 

Effect of foreign currency on cash and cash equivalents

 

(1,828

)

 

(1,436

)

 

(1,839

)

 

(1,466

)

Increase (decrease) in cash

 

(14,758

)

 

5,810

 

 

74,060

 

 

7,267

 

 

 

 

 

 

Cash, beginning of period

 

155,903

 

 

28,567

 

 

67,085

 

 

27,110

 

Cash, end of period

$

141,145

 

$

34,377

 

$

141,145

 

$

34,377

 


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